I don't know WTF you were looking at, but I was just in LV with my Dad looking at property. Many of the brand new Turnberry high rises (they're like 20 - 35 stories) rent for $1/square foot/month and sell for like $100 - $200/square foot. They are absurdly cheap, as most of the other places he looked, and they're modern.

All fair points. I'm an outsider, so I don't know what a "fair" price looks like, or how that's evolved over time. FWIW, I was looking for single family homes in Summerlin and Henderson. A quick Zillow search indicates plenty of inventory at $500+/sqft; it was at this price point that I found the homes began to compare favorably to other luxury markets around the country.